Sotheby's reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company’s total revenues were $101.7 million, a $3.2 million, or 3%, decrease from the prior year, principally due to a decline in auction commission margin to 15.0% from 18.1% in the prior year first quarter. Net auction sales increased 23% in the first quarter as compared to the prior year, but this improvement was in the most competitive categories of Impressionist, Modern and Contemporary Art, where the climate for the most high-value consignments remains very competitive and with such consignments often earning thinner auction commission margins. In the first quarter, there was a 35% increase in the total sale price of lots sold over $1 million, where auction commission margin experiences the most pressure. Net loss for the quarter was $22.3 million or $0.33 per diluted share as compared to $10.7 million or $0.16 per diluted share in the prior period. This decrease is largely due to the aforementioned decline in auction commission margin and to a lesser extent, an 8% increase in operating expenses, which in large measure is attributable to planned investments in support of Sotheby's strategic initiatives, including the development of Sotheby's presence in growth markets. Operating loss was $21.3 million against $8.7 million a year ago. Loss before tax was $31.7 million against $16.5 million a year ago. Net interest expense is expected to decline approximately $4.7 million on an annualized basis due to the lower interest rates realized on most recent debt issuance.

Sotheby's, Q1 2013 Earnings Call, May 09, 2013

Sotheby's, Annual General Meeting, May 08, 2013., at 11:00 US Eastern Standard Time. Location: 1334 York Avenue. Agenda: To consider the election of eleven (11) directors to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified; to consider the ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2013; to consider the approval of the Second Amended and Restated Sotheby’s Restricted Stock Unit Plan; to consider the advisory vote on executive compensation; and to transact such other business as may properly come before the meeting or any adjournment or postponement thereof.